The amendment to the economic material requirements of the UAE Ministry of Finance was announced
The Ministry of Finance of the United Arab Emirates has published a statement saying that following the decision number (98) of the Council of Ministers in 2024, the cancellation of the requirements for reporting economic materials for companies for the financial years ending on December 31, 2022, the amendment of the Cabinet's decision on the requirements It has declared economic materials.
According to
Amac News: In the announcement of the UAE Ministry of Finance, it is stated that this amendment is coordinated with the implementation of the United Arab Emirates federal corporate tax system on business and company profits.
The aim of this amendment is to increase efficiency and tax compliance across the UAE, ensuring strict implementation of tax laws by all entities subject to it.
According to the announcement, this action is also part of the ministry's continuous efforts to improve the efficiency of the tax system and attract more funds.
The ministry has confirmed that while companies are no longer required to provide notifications or reports on economic material for the financial years ending 31 December 2022, they are still responsible for fulfilling compliance obligations for previous years, complying with information or correction requests from regulatory authorities or are federal taxes.
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